Offshore Decommissioning - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Offshore Decommissioning Market accounted for $5.93 billion in 2018 and is expected to reach $10.72 billion by 2027 growing at a CAGR of 6.8% during the forecast period. Decline in production of crude oil, increasing figure of maturing oilfields, and aging offshore infrastructure are the factors driving the market growth. However, high expenditure of decommissioning may hinder the market growth.
Offshore decommissioning can be defined as the process of terminating oil and gas operations at an offshore platform and returning the ocean and seafloor to its pre-lease state. It involves the safe plugging of the hole in the earth's surface and disposal of the equipment used in offshore oil production.
By Removal, Complete Removal segment is likely to have a huge demand during the forecast period. Strict regulation for complete offshore platform removal to re-establish the marine life and seafloor to its pre-production environment is likely to drive this segment. Based on geography, Europe is going to have a lucrative growth during the forecast period owing to the fact that its North Sea offshore oilfields are & aging.
Some of the key players profiled in the Offshore Decommissioning Market include Schlumberger, Halliburton, John Wood Group, Royal Dutch Shell, Rever Offshore, Weatherford, Petrofac, Bhge, Aker Solutions, Saipem, Technipfmc, Subsea 7, Oceaneering, Ramboll, and DNV GL.
• Subsea Infrastructure
• Leave in Place
• Complete Removal
• Partial Removal
• Shallow Water
• Platform Removal
• Platform Preparation
• Conductor Removal
• Project Management, Engineering, and Planning
• Material Disposal
• Mobilization & Demobilization of Derrick Barges
• Pipeline & Power Cable Decommissioning
• Site Clearance
• Permitting & Regulatory Compliance
• Well Plugging & Abandonment
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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